General equilibrium analysis is the study of
A) how an equilibrium is determined in all markets simultaneously.
B) how an equilibrium is determined in all closely related markets.
C) the effects of a change in a market, and all spillover effects in all related markets.
D) Any of the above.
D
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In an indifference curve/budget line diagram, at your consumer equilibrium, that is, your best affordable point, which of the following statements is CORRECT?
A) Any movement upward or downward on your budget line will move you to a less preferred point. B) Any movement upward or downward on your indifference curve will move you to a less preferred point. C) Your marginal rate of substitution is greater than the magnitude of the budget line by as much as possible. D) All of the above are correct.
College tuition costs have risen faster than prices in general from 1979 to 2009.
Answer the following statement true (T) or false (F)
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. If both Amy and Mike produce the good in which they have comparative advantage, the total annual output of this economy will be ________.
A. 10,000 pounds of cheese and 30 cars B. 10,000 pounds of cheese C. 5,000 pounds of cheese and 20 cars D. 30 cars
The amount of reserves remaining after reserve requirements have been satisfied is called
A. the required reserve ratio. B. legal reserves. C. federal reserves. D. excess reserves.